Starting a company is a major leap in the entrepreneurial community, and you should take all the right steps to ensure that it is a success. It involves constant planning, strategising, research and budgeting, and some significant decision-making out of everything.
However, if you are only starting, you will need all the assistance and guidance you can get. Starting from selecting the right license to the location, all of it is important, especially if you are setting up your business in a foreign city like Dubai. This is when choosing capable and efficient business setup companies in Dubai can come in handy.
They will help you at every step of a startup and ensure that you make the most of your efforts. If you are recently starting a business in Dubai, these are some of the common steps you should keep in mind.
- Selecting The Jurisdiction:
The most important part of setting up your business in Dubai is selecting the proper jurisdiction. This city is divided into three separate economic zones, namely Mainland, Free Zones, and Offshore. More commonly known as jurisdictions, each of them has its own set of pros and cons.
With different regulations and laws set for each, you have to be very careful while choosing what is best for you. Choosing a particular economic zone mainly depends on the location and type of business you choose.
For instance, while for local businesses, it is better if you choose Mainland, but you might have to face some stricter laws and increased taxation. On the other hand, a free zone will be more lenient towards your business; it might rip you off the opportunity to find better customers.
- Decide On The Company’s Legal Form:
Another essential part of setting up your business in Dubai is choosing the legal form for your company. This further helps you set the tone of your business and its structure when it comes to dealing with profits or organising your assets and resources.
Having a legal form for the company will help shape its activities and presence, especially in the preliminary years of establishment. In addition to that, it is crucial to apply for your business license. Further mentioned below are some of the company structures or legal forms you can choose from:
- Sole establishment
- Limited Liability company
- Local company branch
- Civil company
- Free zone company branch
- GCC company branch
- Holding company
These are the two key steps that can help you quicken the process of setting up your company while also making it a lot more efficient. That being said, for a first-timer, all of this can be quite confusing. This is especially true if Dubai is not your hometown.
Not having the right knowledge or research while setting up your company in a foreign country can further make things more complicated for you. In such a scenario, you should try and seek help from a professional company as they are more experienced and can guide you properly.
